Toluene Market Overview:

Global Toluene Market size was valued at $16,597 million in 2016, and is expected to reach $23,393 million by 2023, registering a CAGR of 5.0% from 2017 to 2023. Toluene, formerly known as toluol and methylbenzene, is an aromatic hydrocarbon that is used as an industrial feedstock and as a solvent. Toluene is regarded as an aromatic compound because of the presence of benzene ring in its chemical structure. Toluene exhibits beta-oxidant, depressant, hepatoprotective, anesthetic, and neurotransmitter functions. Toluene is used in industries as a solvent in paint thinners, nail polish removers, glues, and correction fluids. In addition, it is used in explosives industry in the manufacture of flammable & explosive compounds, such as Trinitrotoluene (TNT) and in the manufacture of hair dyes and cosmetic nail products.

Global Toluene Market Segmentation

The toluene market is segmented based on derivative type, application, technology, and geography. Based on toluene derivatives type, it is classified into benzene & xylene, toluene diisocyanates, solvents, gasoline additives, and others (benzaldehyde and benzoic acid). Based on application, the it is divided into drugs, dyes, blending, cosmetic nail products, and others (TNT, pesticides, and fertilizers). By Technology, it is categorized into reformate process, pygas process, coke/coal process, and styrene process.

There is an increase in demand for toluene owing to its wider use in gasoline blends. Toluene acts as octane booster and maintains the energy content of gasoline. Moreover, low sensitivity characteristics and high octane ratings of toluene makes it ideal as fuel in heavily loaded engines. In addition, toluene (in the form of benzene-toluene-xylene mixtures) are used in the blending of petrol and occurs as a by-product of styrene manufacture. Moreover, increase in demand for aromatics in petrochemical industry in the development of synthetic fibers, elastomers, agrochemicals, dyes, nail paints are emerging factors augmenting the market growth. However, shift in trend of oil & gas industry toward lighter feed stocks, increase in demand for gasoline that substitutes toluene, and discovery of shale gas as alternative to natural gas is expected to hinder the market growth.

The global toluene market offer various opportunities to the market players, owing to disposable incomes and rapid growth in the global economy. Toluene diisocynate (TDI) production is expected to be the second-highest derivative market, owing to its stronger demand in manufacture of polyurethanes, resulting in enhanced demand for toluene in the formation of toluene diisocyante (TDI). Moreover, growth in end-user industries (agrochemicals, cosmetics, and explosives) based in Asia-Pacific and Latin America are further expected to drive the market growth. In addition, continued investments in developing countries and anticipated recovery in global markets is expected to further fuel the market growth.

Industrial solvents and production of benzene & xylene are the highest growing segment, owing to widespread applications and strong demand in applications, such as blending of petrol and as additives in gasoline. In addition, production of explosives, such as Trinitrotoluene (TNT) and gasoline additives is anticipated to trigger the toluene market during the forecast period. Moreover, increase in per capita disposable incomes in the developing countries (China, India, and Korea) has led to the development of end-use industries, such as petrochemicals and oil & gas. The development of end-user base in this region has led to production of toluene, which is a key factor in the growth of market.

Top Investment Pockets

Rise in the application of toluene in the manufacture of drugs and in the blending of petrol offers the maximum market potential in the global toluene market, owing to rapid industrialization and expansion of oil & gas industries. Increased demand for toluene as an octane booster in gasoline has led to the growth in demand for global toluene market. Moreover, India and China have witnessed major development in the chemical industry, owing to constant growth in economy and rise in living standards. Furthermore, rise in demand of toluene as a feedstock in production of benzene & xylene is increasing globally, thereby leading to the market growth.

Top Investment Pockets

Segment Review

The toluene market is segmented based on type, technology, application, and geography. The benzene & xylene derivative type segment, dominated the global market in 2016, and is anticipated to maintain its dominance throughout the forecast period. Based on application, the market is classified into drugs, dyes, blending, cosmetic nail products, and others (TNT, pesticides, and fertilizers). The drugs segment is estimated to grow at a significant CAGR of 4.9%.

Toluene Market Share, By Derivative Type, 2016 (%)

Geographical Review

Asia-Pacific accounted for a considerable share of the total revenue in 2016, followed by North-America and Europe. However, shut down of refineries in Europe have significantly reduced demand for aromatics in this region and thus act as a factor, which limits the development of market.

Germany Toluene Market Value, 2015-2023 ($Million)

Key players, which include ExxonMobil Chemical, Sinopec, Shell, Reliance Industries, ConocoPhillips, Valero Energy, BASF, BP Chemicals, China National Petroleum and Mitsui Chemicals have invested in R&D activities to develop advanced products to cater to the requirements of the market.

Other players in the value chain (profiles not included in the report) include Koch Industries, JX Nippon Oil and Energy, Chevron Phillips, Nova Chemicals, Sherwin-Williams, Total Petrochemicals, Lyondell Basel, Covestro, and Formosa Plastics.

Key Benefits

The report provides an extensive toluene industry analysis of the current market trends and future estimations of toluene market size from 2015 to 2023 to determine the prevailing opportunities.

It offers comprehensive analysis of North America, Europe, Asia-Pacific, and LAMEA to understand the regional trends.

Comprehensive analysis of factors that drive & restrict the growth of the market is provided.

Extensive analysis is conducted by following, product benchmarking, positioning, and monitoring the top competitors within the global market.

The report provides key insights on strategic toluene industry analysis of various companies and the value chain analysis of toluene.

Toluene Market Key Segments

By Derivative Type

Benzene & Xylene

Toluene Diisocyanates

Solvents

Gasoline Additives

Others (Benzaldehyde and Benzoic Acid)

By Production Process

Reformate Process

Pygas Process

Coke/Coal Process

Styrene Process

By Application

Drugs

Dyes

Blending

Cosmetic Nail Products

Others (TNT, Pesticides, and Fertilizers)

By Geography

North America

U.S.

Canada

Mexico

Europe

France

Germany

UK

Spain

Italy

Rest of Europe

Asia-Pacific

India

China

Japan

Australia

Korea

Rest of Asia-Pacific

LAMEA

Brazil

KSA

South Africa

Rest of LAMEA

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Toluene diisocyanate, which is a toluene derivative has been widely used for manufacturing polyurethane, globally. Continued investments in developing countries and anticipated recovery in global markets are expected to boost the market growth.

Toluene has gained popularity in the recent years, owing to increased applications of benzene, urethane raw materials, and other organic chemicals. In addition, it is used in the production of pharmaceuticals, dyes, and cosmetic nail products. Furthermore, it is used as pesticides against roundworms & hookworms in the agricultural sector.

The Asia-Pacific toluene market offers lucrative opportunities for key manufacturers, owing to growth in industrial activities and rise in trend of setting up refineries & petrochemical plants in this region. In addition, technological developments in the production of toluene by manufacturers, such as surge in production by catalytic reforming in emerging countries, such as China, India, and Japan fuel the market growth. Asia-Pacific is anticipated to account for more than half of the share in the global market by 2023, followed by North America.

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